₦airaland Forum

princejayboss:
Crude can be found in any place buy what can't be found is the commercial quality and quantity.....

Patently false.. Crude oil CANNOT be found in ANY PLACE

Goke7:
I pray oil will not be a curse to Lagos like delta and bayelsa who cannot pay salaries with the so called oil.

Lagos need to be cautious with this oil thing even ondo state with her oil has not fared better

Lagos is not Ondo. Lagos is what Nigeria should have been, i.e. be accelerated development regardless of Oil

uzolexis:
No this is not good news, for a country like Nigeria that does not have strong institutions oil is a curse not a blessing. Other sectors of our economy were doing so well before we discovered oil and boom we abandoned everything cos of oil money and see where we are today cos of that, oil price has fallen and so has our economy. Lagos is the commercial hub of Nigeria and I dare say West Africa as well, we can't afford to let oil take over, it will have disastrous consequences and trust me this is bound to happen cos our institutions are comatose.

Sis,

Institution and strength thereof is about leadership and collective willingness to foster it. It's not rocket science. If you look deeper at the Oil and Gas value chain, there are more than 10 Industries that are direct spin-off and more are dependent on the industry. Oil and Gas accelerated development in many countries including the United States.

Oil was a curse because our fore-fathers were ignorant and some greedy. The case of Lagos is different. Leaders in Lagos are well endowed, exposed and value-driven. They have methodically built Lagos with virtually no natural resource but ingenuity and innovation. Adding Oil to the mix for Lagos is more about expanding value in terms of associated industries, products and power.

Kobicove:
These are the types of questions that need to be answered before we start dancing 'Azonto'.

I suspect it's not a commercial find otherwise the IOCs would have established a presence there already.

It's not just about finding oil it's about finding it in commercial quantity. My guess is that these are probably marginal fields.

Some of you just spew ignorance at will.......
Bros,

1. The "commerciality" had been established in the seismic studies and tests. Current well drilled that's producing the 12bopd is simply a further confirmation of the "commerciality"
2. How will IOC establish presence when they are not allocated the license to operate
3. Who tells you marginal fields are not commercialy viable ventures

OMG!!! well sha......

MKO4ever:

M4gunners: :
40 liters per day i think?They will not let us hear words again.

Illiteracy: Crude oil is measured in barrel not liter litre

Acidosis:
The photo wow-ed me! Bright looking men and women.

Those smiling faces are rare to come by in the streets of Lagos.

Bros,

I can see that you wish to leave your village and travel to Lagos, but make no mistake about it, Lagos bears no semblance with your village

tbaba1234:

tempest01: :
Una wan chop nddc money by force....50000 bbls a day, what is the cost of lifting + capex + opex ... Is it economical?

We need figures of estimated recoverable reserves, plateau rate, field life. Before we applaud.


Congrats though on the find.

If it is not commercially viable, no one will be drilling. It obviously is.

@tempest01 is just making statements that beggers logic...

Quakertellicus1:
My problem with oil is that we do not really control the price.

Then there is the fact that more and more countries are producing oil....including nations that used to be our major buyers.Which further lowers the price.

I am not a fan of oil. Innovation is the answer. Let us become a manufacturing society...so at least we can export stuff whose prices we can set.

To want to control the price is a wrong approach to seeing the big picture. Innovation is embedded in Oil and Gas business and it was what brought it to this state and will deliver more. Our leaders in the past had been on the back foot.

Crude oil has over 19 direct derivatives, and to the best of my knowledge we're just scratching the 4th. When you go into the realm of Gas, over 10 different industries (modestly speaking) can be spun-off. If we have set our objective on maximising the full value chain, we would have been making more in terms of revenues, price or no price. Do you know in some countries, governments make so much money to the extent that bonafide citizens are even given cash returns from oil returns?

Oil is what triggered the American industrialisation in the 1800s. I recommend you read the book, "The Prize" by Daniel Yergin...............

Harvesthomes:
@mapet Nice observation about the minerals sharing.During some studies i noticed Lagos has multiple minerals about 3 in large quantities,I learnt also Zamfara discovered serious reserves of limestone on and on and on..My challenge is why should people keep kicking against Resource control.About Lagos sharing ports revenue,if the Federal Govt gave the same commitment to have multiple ports for coastal regions from Ogun state through to Cross river so we have multiple ports that can hosts big vessels then the country as a whole will benefit...and not the shady rubbish the country is running...

Port building business are now private sector led. The Lekki Deep Sea Port is PPP partnership between FG, LSG and Private Consortium. Waiting for the day FG will build port for other states is like share waste of time. What other states needs to do is create an enabling and investor friendly environment, win the trust of investors with some "pathfinder" projects. You also have to consider who will bear the humongous cost of dredging the waters......but the FG will not put money in such project in todays world.

Resource control, is complicated and will never fly, until there is a balance, where virtually all states have resources fully developed and commercialised. Oil is our main stay at the moment and government will not give that away, it's like giving the country away. The laws are clear. The Oil (as with everything under the ground) belongs to FG

Harvesthomes:
@scholes if you were this humble in your first statement i would have explained.I'm not a yoruba man.But i know deeply there's oil in Ekiti it will take time but would be discovered...even thru to Ondo..Tired from day's work can't elucidate extensively..do some research

Bros,

We are talking about Oil & Gas, not Osuofia in London......

Harvesthomes:
@scholes ur opinion.I grew up in Badagry...Read my comments anti SE SS,it's more viable to find oil in Ekiti Ondo and Osun "mofo" i'm not against yoruba ppl.ur comment depicts ur stufidity

Yet you talk like someone utterly ignorant. What basin is Ekiti to make it more prospective? OMG!!!

scholes0:
and does your silly map also explain why there are oilfields offshore ghana?

lmao.... 2 kobo geologists everywhere forming expertise.

Bros,

You beat me to this......the guy is not even a geologist, he's taking about google

Quakertellicus1:
In my opinion, it is nothing to rejoice about.

Oil is not the profitable thing it once was...especially as prices are falling.

Besides, what we need in Lagos , and in Nigeria as a whole is a strong economy driven by homegrown innovation and manufacturing.

...and you think Oil will not give you that?

You need to be better educated in Oil and Gas business

sikirat2020:
WHY IS THE 13% MORE IMPORTANT THAN THE OIL ITSELF? IF ACTUALLY OIL HAVE BEEN FOUND IN LAGOS,GOOD< BUT AT WHAT QUANTITY? FOR YOU TO JOIN THE 13% LEAGUE, THE OIL MUST BE EXPLORED, PROCESSED, AND SOLD FROM THERE YOU NOW TALK OF 13%. NOT WHEN YOU PRODUCE ONLY 10 BARRELS PER MONTH OF WHICH THE REVENUE IS LESS THAN 0,00% CONTRIBUTION TO THE COUNTRY GDP AND YOU ARE TALKING OF 13%.

NOW HOW WOULD YOU LIKE IT ALL ODUDUWAS, THAT THE OIL FOUND IN LAGOS BELONGS TO JIGAWA? BE SINCERE.

HOW HAPPY WILL YOU BE THAT LETS SAY FOR EXAMPLE 20 OIL WELLS ARE FOUND IN LAGOS , THAT 15 BELONGS TO THE NORTHERNERS ? UNTIL YOU FEEL THE SHOES ON BIAFRANS, YOU WILL NOT UNDERSTAND THEIR PREDICAMENTS.

You started your writeup ignorantly and ended it rather weirdly. You're asking emotional questions that falls flat on reality
1. Obviously, you do not know how 13% derivation is calculated and allocated
2. For you and people with your line of thought, What Yinka Folawiyo company has done, is to say, after many years of exploration, they have found oil in commercial quantity and moving the the production stage. They have between 25-40years to drill more wells and stimulate the wells when they get weak to get more oil
3. Other Oil investors will take the data from YF and explore blocks in the same area for Oil. Oil is about exploration and finding. If any company has money, they can access it from the Shale if they like......


So wrt how will we feel...........
1. The Laws of Nigeria is clear. Anything below the ground and in littoral waters belong to the Federal Government
2. All the monies made in Lagos Ports is shared across Nigeria and there is no complaint
3. When Mineral resources in the North and West (Gold, Iron Ore etc) becomes commercial as the Fayemi-led Ministry is aggressively pursuing, the money will be shared by all Nigerians.....

Shikena

tempest01:
The oil is it commercial enough? Or is it just a political decision to tap into NDDC?

50,000 bbls a say is a joke when Nigerian output is 2 point something million bbls a day

The question you should ask yourself is, if it is not in commercial quantity why will they announce it so? You need to seek knowledge in this area......Let me keep it that simple

montezz:
Wow! Something needs to be done in Osun too. The state is so blessed with Gold.

Fayemi is on that and something should be sealed in 2-3years

omenka:

raker300: :
Very bad move...trust me, oil is more of a curse than a blessing. Hope they clean up after every spillage

It all depends on the people managing it. Tell that to the people of UAE, Qatar, Iran, Russia, and they'd tell you you're a mad man.

You don't even need to go to those places, me I am telling him he's mad

donphilopus:
The robe he's wearing is that of an Anglican Bishop. But I doubt if any Anglican Bishop would go on a lone protest when he has congregation in his chapel/cathedral and the entire diocese.

I am an Anglican and from Osun State. This is not the Bishop of the Diocese....this guy looks to me like an attention seeker......

dridowu:
Wailers be like " how much did he even steal self that Bubu want to arrest him "
Shameless Wailing Zombies

Like the famed "How much did Nwobodo STOLE"

Dudeweedlmao:

slimfit1: This is what I'm saying why can't the government give this money out as loans for some companies or individuals to build factories and industries to that we can have jobs and keep money within instead of it wasting away.

The government had nothing to do with that $3million loss, read the damn article.

I hazard a guess she read the article, but unfortunately that's how she comprehended it , It will take some basic reasoning to comprehend the article na.

irondome:
A PMB categorically condemning Cameron's remark as inappropriate isn't same as demanding for a recant of statement. Making him accountable for his gaff would ensure that does not happen again; and not only Cameron, but also other world leaders. If this blew away very easily, then we should expect another world leader to make another condescending remark in the nearest future.

We can not continue to aggressively fight corruption on the home front, only to allow an unbridled comment from a world leader, disparage our image. It's counter productive.

Perspective.......... you're entitled to it anyways......but, we lost so much credibility when we showed the world how corrupt we are. Regardless, PMB in his reaction said he will not concern himself with Cameron's statement, as he was in a private conversation, what he regards as official and the position he's is taking is the return of our assets. Cameron's "gaffe" is no gaffe, it was intended, purposeful and an opinion he holds. We can do nothing to change it currently, apology or no apology. In fact, we are better off not fighting on a terrain where we are currently disadvantaged, our repetition is "badly worsted" already and we'll be a laughing stock if we chase shadows (demanding apologies) rather than pursue vigorously a correction of our corrupt state.

caracas:
U are even duller than the President Buhari himself ,or is it that u lack simple comprehension ?
I made it clear in my last line that we cud get our Money n still redeem our image at the Same time .
N how is the question u quoted stupid when even u stated that the monies were not well utilised by past government ?
Honestly n i mean this ,u lack comprehension n an analytical mind.but its not too late u can start working on ur deficiencies now.

Judging by other reactions to your earlier posts that made you appear unintelligent, need I say more?................

irondome:
If you do not see anything wrong in what Cameron said, then you have self-esteem issue. Even right thinking Britons called it a diplomatic gaff. It would have been lot reasonable if Cameron had quoted a source e.g, according to so so and so report, these two countries have a high corruption index.

There are two clear issues here, What Cameron said is clearly different from what you expect PMB to say. I do not see any value in pursing Cameron to take back.......in fact, I am of the opinion that Cameron's statement is a clear reflection of how the world perceives us.......demand apology will simply make us look ineffectual and stu.pid.

aycapri:
Though, the response sounds very cool but what has the government done with the recovered money. At least, the govt has recovered some before now.

The previous government looted it again

caracas:
The dumbest man i hav ever seen in my Life.
Baba as old as u are do i have to teach u that a good name is far better than silver n gold? Or do u not understand What an apology wud do to the image of this battered country ?do u not know that by that statement of Cameron our dear country stands to losea lot in terms of foreign investments ?.
If i may even ask ,.
100 billion dollars cannot go round all nigerians but a good name wud definitely do every single nigérian a lot of good.
And who says we cant have our apology n still hav our Money returned back to us .
Honestly this man is dull, jokes or insults apart.
He really needs to stop embarrasing this country before its too late.

Unfortunately, it would have been more credible if you're fit to call someone dumb going by your post. Yet some things are not glaring to you, What good name? built by who?
Secondly, you asked as very stu.pid question

"how has all the stolen wealth recovered from foreign institutions n countries helped this country"

. First off, you do not know that most of those stolen wealth in the past have been "re-looted" by these same corrupt elements? Or you do not know that between GEJ and NOI, returned loot was approved for spending without passing through the national assembly as stipulated by law? But pray tell, you do not want them to return stolen wealth of this country? You can't be serious.....you're leaving the core issue and chasing shadows.....

You will do better to reassess what you type before you hit the submit button........Gosh! yet you could label someone dull... what an irony

frisky2good:
He can demand the apology and return of the loot. Abi dem tell am say na only one he fit ask for?

He asked for what is tangible and needed. What will we do with apology when our monies are still out their and we desperately need to fix us.

irondome:
Applause means nothing mate, that response isn't effective. Cameron invariably called all Nigerians "fantastically corrupt". Personally, I can take any insult but be referred to as lacking integrity. That literary means you are a nonentity. Now because of this ugly incident, any westerner that bumps into Nigerians would be looking for red flags in his/her dealing with us. Warren Buffet once said, put a police officer to tail the most careful driver continuously for 2 weeks, that driver would surely get a ticket. Same with looking for red flags where there are no flags; no flag becomes red flags.

I believe PMB should have taken a more offensive approach. In addition to requesting for a refund of our stolen funds, he shouldn't have"happily" agreed that Nigeria is corrupt. His response should have been-- corruption is a global issue with corrupt elements in every nation of the world; as such, I find it inappropriate for a world leader to characterise another sovereign nation as corrupt. He should have gotten more personal by referring to the Panama paper incident as perfect example of global corruption picture (Cameron parents had an investment there).

Living in denial...... the statement in bold is not relevant for our current situation. It seems you guys don't understand the abyss we've sunk into corruption-wise. How do you want the world to respect a state governor that stole the state blind, took the loot to UK, was placed under house arrest, escaped disguised as a woman.........and we gave him state pardon? How do you want a country to rationalise almost half of our foreign reserves stolen by few individuals or how monies meant for pension, procurement for military weapons in the midst of war against BH was shared amongst individuals?

Saying corruption is a global issue is a lame excuse to me. It's the same position GEJ took when Boko Haram were taking territories and bombing most places in the North, with the lame excuse "Terrorism is a global issue....."

erico2k2:
But it was he PMB who first labeled Nigerians as fraudulent .did we forget so soon

Statements like your just amounts to simply living in denial. That Nigerians have been tagged fraudulent (and rightly so) is evidenced by the many fraud cases discovered and the accused being Nigerians. PMB did not need to call those Nigerians fraudulent, we have already collectively called ourselves (innocent and guilty) same, when many of our folks go overseas only to be involved in fraud cases (credit card, identity), 419, drugs - Cocaine, heroine, armed robbery and wire fraud......

PMB's admiting this is a clear message of his intention to start adressing and correcting it. Living in denial (like GEJ's "ask Nigerians, they have light" gafe to CNN) would have made us loose the little iota of credibility we're mercifully enjoying

ganisucks:
After that slave response, yesterday, he now wants †̥♥ save face with Nigerians. Well sorry, Mr Presido, but this response is even worse than the first one, it makes Y̶̲̥̅̊ø̲̣̣̥ǖ look like a vile oblivious JJC. I don't KϞöω̲ who is worse, Garba Shehu or Femi Adesina. Lemme give Y̶̲̥̅̊ø̲̣̣̥ǖ a better response Mr President
" I heard Mr Cameron's statement about the financial depravity ☀̤̣̈̇f my country's kinsmen A̶̲̥̅̊Ω̴̩̩̩̥D̶̲̥̅̊ I have †̥♥ admit that we have a lot ☀̤̣̈̇f work †̥♥ do in the area ☀̤̣̈̇f improving our image †̥♥ the expectations ☀̤̣̈̇f the school ☀̤̣̈̇f thought that Mr Cameron belongs †̥♥. But we are up †̥♥ the task, A̶̲̥̅̊Ω̴̩̩̩̥D̶̲̥̅̊ in a few years †̥♥ come, I A̶̲̥̅♏ sure that even those who hold a more coarse view than Mr Cameron will have course †̥♥ complement our efforts. But let ♍ƺ state that, though we understand the truthfulness behind the message, with due respect †̥♥ the PM, we will not allow ourselves †̥♥ be treated like unwelcome guests, A̶̲̥̅̊Ω̴̩̩̩̥D̶̲̥̅̊ so if the UK prime minister feels we are not worthy ☀̤̣̈̇f being at this event, he should make it bold †̥♥ let us KϞöω̲ through clear channels, ☀̤̣̈̇f his true intentions".

Now is that so hard, geez, amateurs.

You spent so much energy putting an unintelligent response......no wonder you're on NL and PMB is at the summit in UK

Quakertellicus1:
Takeaways from this thread....

1.When Boko Haram kills soldiers, some people blame the whole North for being so violent. When Niger Delta militants do the same...some people blame the South for being so violent. Me....I think I put both Boko and ND militants in the same boat. They are just as bad as each other (Boko is probably worse).

Both groups have wrecked their home regions over the years...in the name of fighting for their ''rights'' .....to the point that it is going to take ages for the areas to be cleaned up.

No amnesty for both of them.

2.I always hear supporters of the Avengers say that they are fighting for resource control and restructuring of Nigeria. Funny thing is that is what their seniors said back in 2009....until the government gave them amnesty....then all that talk went away.

3.Since when were thugs responsible for guarding pipelines? How long are we going to pay danegeld to a group of people who are not really interested in anything but their pockets? (Google the meaning of danegeld....very enlightening).

4.If you want resource control and restructuring....go to the National Assembly. Stop all this talk about how the ''North'' would stop you. You put pressure on your NA reps...who then will make the necessary compromises/meetings with other reps....to get the necessary bills/laws passed.

5.For over ten years now...the Niger Delta has gotten far more money than other parts of the country. YET....the area is still underdeveloped....and yet people are not ready to ask why. Because it is far easier to blame the North than to look inward at corrupt leaders like Ibori and Alams.

6.Blowing up pipelines is silly. It worsens the environment, and drives away investors. And when there are no investors, there are no jobs...and the Niger Delta gets poorer. Meanwhile...oil is being discovered elsewhere in Africa. The Niger Delta is dispensable.

7. Someone here blamed Buhari for the deaths of the soldiers. Meanwhile that same person was blaming the North for the death of soldiers in BH territory during the last administration. Why not blame the Niger Delta now? We in the SS allowed this mess to happen because we did not invest in our youth, we did not spend more on education, we wasted the 13% derivation we got....and now we are reaping the fruits of neglect.

8. More money is not going to fix the Niger Delta. The region needs restructuring of people's minds. It does not need more money. Same goes for the North and everywhere else.

9.Some people still have not gotten over the last election.

10.We do not need a new amnesty/danegeld/restructuring/whatever. We need serious leadership from our governors and other local rulers in the South South.

Danegeld.......thanks for adding to my little vocab list....... that said

It is unfortunate that some SS folks and their supporters (SE) I presume are so filled with idiocy beyond hate. I don't know how we can rationalise what is unreasonable. I keep saying it that many of these folks are living in denial and only lying to themselves. Ok let me break it down further..... except God turns the hands of time otherwise, the following are sacrosanct

1. PMB is your president
2. He will serve his full tenure
3. Will even win a second term

If these is what people offer in opposition, they have simply made worse their case and worse their attempt at dislodging PMB. wrt ND, these people never learn. They are playing the same old game in the same way and expecting a different result. You take to arms...., kill few soldiers..., government tanks comes in and rout your villages and creeks...., explains to the whole world that those villages had been taken over by terrorists..... government enters the creeks and carnage the whole damn thing....your leaders run into hiding, few approache FG and take the amnesty offer...life goes on. Then what do we have? A suppressed ND, constantly requiring re-building and cleanup instead of rapid development.

ND to me looks acursed in leadership. How can you make thieves and corrupt elements your leaders. Ayiri Emami says they are waiting for Ibori to come and sanitize ND how? Ibori that practically hijacked a quarter of Oghara land, which had been proposed for international airport, only to turn it into his private University. Asari Dokubo with all the money he made, tot it wise to invest (University) in Cotonou and not anywhere in ND. Ayiri probably accounts for many high-rise buildings in Warri. Tompolo and Akpolobokemi has virtually fritted away what people's commonwealth under the guise of a phantom Maritime university.......yet, the will find it convenient to blame a PMB that made Ogoni clean-up exercise one of the first intervention.

I guess to these guys, it's better not to attempt to make sense

Yet some people will still be shouting "rule of law"......

gentleheart1:
U are comparing groups of bastard dunces to the Niger Delta Militants.

Northerners una time go soon expire, watch out 2019 we Nigerians will make sure no Northerner is made a vice or even President sef.

You're better off doing so with your votes if you please than violence......either ways it make Niger Delta militant no less terrorists